Conservative Harvard student challenges Barney Frank on the financial crisis

[MaggieMae]

Consider the Investors Business Daily editorial, which includes NYTimes reference:
"President Bush pushed for what the New York Times then called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."… led by Frank, Democrats stood as a bloc against any changes."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

"Barney Frank (D-MA) Blocked Multiple Attempts At Reforming Fannie Mae And Freddie Mac Spanning Back To 1992…"
Truth On Target: Obama's Financial Friends: Schumer, Dodd and Barney Frank

Enough?

No.

1. Whose opinions are these, and why are they more trustworthy to believe tha Republican Oxely's account of a bill to regulate Fannie/Freddie that was actually passed by the House in 2005 with bi-partisan support including Frank's?

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House.

You use the name Oxely as though he were the burning bush.

I don't know who he is and why this one opinion outweighs those of the many whose work is reported in the Boston Globe, WSJ, NYTimes, Baltimore Business Journal, Investors Business Daily, American Spectator, ect.
And I wish you would recall that when you posted the same response on an earlier thread, my response stated that President Bush, a politician, and not a Conservative one at that, didn't show the courage to confront the Dems when they threatened to call him a 'racist' if he tried to block risky GSE loans and reform the system.

There ya go. I rest my case that you have gullible-itis brought on by tunnel vision. One would think, if you cared to shrug off that label, that you would immediately Google Mr. Oxely and obtain a little further information. But you can't be bothered because anything other than the 4 publications you've chosen as your bible on this subject might give you doubts. And you can't have that.

 

[xotoxi]

...he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing...As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

I find limited credibility in someone that has changed from a "very left-wing radical" to a conservative Republican in a matter of a few years.

It means that either one or the other or both of that individuals political positions are not genuine.

 

[Iriemon]

Consider the Investors Business Daily editorial, which includes NYTimes reference:
"President Bush pushed for what the New York Times then called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."… led by Frank, Democrats stood as a bloc against any changes."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

"Barney Frank (D-MA) Blocked Multiple Attempts At Reforming Fannie Mae And Freddie Mac Spanning Back To 1992…"
Truth On Target: Obama's Financial Friends: Schumer, Dodd and Barney Frank

Enough?

No.

1. Whose opinions are these, and why are they more trustworthy to believe tha Republican Oxely's account of a bill to regulate Fannie/Freddie that was actually passed by the House in 2005 with bi-partisan support including Frank's?

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House.

You use the name Oxely as though he were the burning bush.

I don't know who he is and why this one opinion outweighs those of the many whose work is reported in the Boston Globe, WSJ, NYTimes, Baltimore Business Journal, Investors Business Daily, American Spectator, ect.

Oxley is a Republican elected to the House in 1981, and Chairman of the Committee on Financial Services during this time. You've heard of Sarbanes-Oxely? The bill passed to provide oversight of public companies to prevent fraud after Enron? That's him.

Yes, I'll tend to credit his personal observations of facts as to what happened of this Republican over the op-ed pieces in conservative magazines, especially when the latter don't make any sense.

And I wish you would recall that when you posted the same response on an earlier thread, my response stated that President Bush, a politician, and not a Conservative one at that, didn't show the courage to confront the Dems when they threatened to call him a 'racist' if he tried to block risky GSE loans and reform the system.

Why would he need courage to back a bill that was bipartisan and also supported by the Democrats??? Why and how would the Dems threaten to call him a racists if he supported a bill they supported.

Please provide a cite that Bush "gave the one fingered salute" to this bill because he was afraid of being labelled a racist by the Dems who supported the bill.

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House

 

[PoliticalChic]

The "crisis" can be laid at the feet of the regulators, period, who were on vacation apparently. You can cite as many OPINIONS as you wish, but thems the facts, admitted to by Alan Greenspan (and Christopher Cox, Chairman of the SEC, who also admitted to his own failure to monitor these new "securities" that were being traded).

Greenspan Concedes Error on Regulation - NYTimes.com

The "crisis" should be laid at the base of liberal philosophy, which is based on being "good" to folks, giving things away, instant gratification.

Political pressure as represented by the CRA (Democrat) and going back to the GSE's (Democrat) and thouroughly endorsed and amplified by Clinton, Cuomo, Dodd and Frank (Democrats all) with the collusion of financial institutions who were allowed to profit in risky ways, are the cause.

Litmus test: would there be a mortgage meltdown (beyond a normal business recession) if there had been no CRA, Fannie or Freddie?

I can see it's pointless to argue with someone who has such serious tunnel vision. Facts just get in your way.

I'm going to assume that answering my "litmus test" question honestly would have puctured your argument, and required admission that it is a philosophical problem more than a financial one.

 

[MaggieMae]

YouTube - John McCain Warned Us About Fannie and Freddie

Why post a YouTube partial listing? Why not let the readers see the WHOLE THING? They might be interested in checking out the PAC money, most of which went to Republicans high on the list. (Now I'm starting to wonder what Bill Bennett's involvement was.)

OpenSecrets | Update: Fannie Mae and Freddie Mac Invest in Lawmakers - Capital Eye

 

[MaggieMae]

Is there a text version as oppose to the Fox News clip? I hate watching videos.

Edit: OK I watched it. The kid was an idiot and I wonder how he got into Harvard. He asks Frank what reponsibility he had for the financial crises, and when Frank says what do you claim I should have done, the kids starts talking about the bailout. One has nothing to do with the other. The bailout was the response, not the cause of the financial crises.

Frank sounded knowledgeable, informed and logical, IMO.

I disagree. It's time Barney took his licks (no pun intended) on being at least part of the financial crisis. While Fannie & Freddie can't be blamed for all of it, they too went unregulated with the blessings of Frank and Dodd.

I think that kid showed bravery by not flinching under what must have been enormous pressure. It was a good question.

What does Frank's involvement with the 2008 bailout bill have to do with what role if any he played in the cause of the financial crisis.

He was aware that the subprime loans were being overleveraged.

 

[Iriemon]

Also, it depends on the time frame. My thesis is that 1938 is the place to start looking for the crisis: GSE's.

So for 70 years these GSEs operated just fine accomplishing their mission without causing any financial meltdown, but after 70 years its their fault that the system crashed in 2008?

 

[Iriemon]

I disagree. It's time Barney took his licks (no pun intended) on being at least part of the financial crisis. While Fannie & Freddie can't be blamed for all of it, they too went unregulated with the blessings of Frank and Dodd.

I think that kid showed bravery by not flinching under what must have been enormous pressure. It was a good question.

What does Frank's involvement with the 2008 bailout bill have to do with what role if any he played in the cause of the financial crisis.

He was aware that the subprime loans were being overleveraged.

What does that have to do with the bailout bill?

What could Frank have done before Jan 2007 when the Republicans controlled the House, Senate, and WH, other than sponsor a bi-partisan reform bill with Republican Mike Oxley that passed the House and according to Oxley the WH shot down?

 

[MaggieMae]

Is there a text version as oppose to the Fox News clip? I hate watching videos.

Edit: OK I watched it. The kid was an idiot and I wonder how he got into Harvard. He asks Frank what reponsibility he had for the financial crises, and when Frank says what do you claim I should have done, the kids starts talking about the bailout. One has nothing to do with the other. The bailout was the response, not the cause of the financial crises.

Frank sounded knowledgeable, informed and logical, IMO.

I disagree. It's time Barney took his licks (no pun intended) on being at least part of the financial crisis. While Fannie & Freddie can't be blamed for all of it, they too went unregulated with the blessings of Frank and Dodd.

I think that kid showed bravery by not flinching under what must have been enormous pressure. It was a good question.

What does Frank's involvement with the 2008 bailout bill have to do with what role if any he played in the cause of the financial crisis.

Sorry, I didn't answer your question correctly. I suppose the argument is that since he was part of the problem (or to listen to the right, ALL of the problem), then he had no business expecting billions to repair the damage. But in simple terms, that kind of criticism is like crying over spilt milk. YA CLEAN IT UP before you smack the kid for spilling it in the first place.

 

[PoliticalChic]

No.

1. Whose opinions are these, and why are they more trustworthy to believe tha Republican Oxely's account of a bill to regulate Fannie/Freddie that was actually passed by the House in 2005 with bi-partisan support including Frank's?

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House.

You use the name Oxely as though he were the burning bush.

I don't know who he is and why this one opinion outweighs those of the many whose work is reported in the Boston Globe, WSJ, NYTimes, Baltimore Business Journal, Investors Business Daily, American Spectator, ect.
And I wish you would recall that when you posted the same response on an earlier thread, my response stated that President Bush, a politician, and not a Conservative one at that, didn't show the courage to confront the Dems when they threatened to call him a 'racist' if he tried to block risky GSE loans and reform the system.

There ya go. I rest my case that you have gullible-itis brought on by tunnel vision. One would think, if you cared to shrug off that label, that you would immediately Google Mr. Oxely and obtain a little further information. But you can't be bothered because anything other than the 4 publications you've chosen as your bible on this subject might give you doubts. And you can't have that.

Actually, I did Google same, and studied his public persona. But when I find one viewpoint different from so many experts in the field, I consider that there might be other less public aspects that might enter into his opinions.

When he refers to the 'middle finger' I see this as a possible person disagreement with the administration.

And when you have more experience in life, you may be able to add other factors into your calculations.

 

[PoliticalChic]

...he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing...As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

I find limited credibility in someone that has changed from a "very left-wing radical" to a conservative Republican in a matter of a few years.

It means that either one or the other or both of that individuals political positions are not genuine.

Means no such thing.

Folks get divorced, too.

 

[Iriemon]

I disagree. It's time Barney took his licks (no pun intended) on being at least part of the financial crisis. While Fannie & Freddie can't be blamed for all of it, they too went unregulated with the blessings of Frank and Dodd.

I think that kid showed bravery by not flinching under what must have been enormous pressure. It was a good question.

What does Frank's involvement with the 2008 bailout bill have to do with what role if any he played in the cause of the financial crisis.

Sorry, I didn't answer your question correctly. I suppose the argument is that since he was part of the problem (or to listen to the right, ALL of the problem), then he had no business expecting billions to repair the damage. But in simple terms, that kind of criticism is like crying over spilt milk. YA CLEAN IT UP before you smack the kid for spilling it in the first place.

I guess I don't see it. The kid asked him what responsibility he (Frank) had causing the crisis. And Frank said, what should I have done when I got power in Jan 2007. And the kid talks about he bail-out bill.

If he wanted to criticize the bailout bill, fine, but I just don't see the connection of how that explains what Frank could have done to avoid the crisis.

 

[PoliticalChic]

Also, it depends on the time frame. My thesis is that 1938 is the place to start looking for the crisis: GSE's.

So for 70 years these GSEs operated just fine accomplishing their mission without causing any financial meltdown, but after 70 years its their fault that the system crashed in 2008?

I thought you wanted to know the cause of the crisis?

 

[MaggieMae]

Just want to point out one think humorous about this. The student's last name is Pollak, which is very close to Pollock! The lefties are going to have a field day with this!

You seem to have a problem with anyone who isn't perfect. Maybe next time you should run for president. We could have ourselves a Ken Doll with a nice white, macho American sounding name (but dumb as a box of rocks).

If I can't point out the humor in something then live would be long! Where do you get where I think everyone needs to be perfect!

By referring to Frank as "Da Fag" was my first clue. What does his open homosexuality have to do with anything? Also, from your extensive "signature," I can't figure out if you're an anti-Semite or just a jerk.

 

[Truthmatters]

http://www.traigerlaw.com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf


This study finds that the subprime loans were actually smaller at the CRA institutions.

The vast majority were written under banks not covered by the act.


Boom goes that leg of the conheads argument.

 

[WillowTree]

Also, it depends on the time frame. My thesis is that 1938 is the place to start looking for the crisis: GSE's.

So for 70 years these GSEs operated just fine accomplishing their mission without causing any financial meltdown, but after 70 years its their fault that the system crashed in 2008?

I thought you wanted to know the cause of the crisis?

sure she does; do you see ostrich azz?

 

[Iriemon]

I like your posts, and you are fairly even handed, and well written, but show the leftie slant when you refuse to acknowledge the financial perspectives of IBD, WSJ, and the rest, and call them right wing. They are legitimate and respected journal in the field.

The WSJ was a respected periodical, even if known for conservative slant. What would you expect from a paper that caters to the "masters of the universe".

But in 2007 it was purchased by Rupert Murdoch. It has been sad to see it slide into the same partisan pap that characterizes Murdoch "news" outlets.

 

[MaggieMae]

It has been announced that FM and FM employees will be receiving very large "retention" bonus' this year. Now AIG got their ass kicked for that. Anyone in the Democratic party shouting that FM and FM should have their asses kicked? What? I can't hear you.. I can't hear you.. Hello?? End of fucking story on Bawney!

If I did a lot of leg work getting F&F operational again, I would hope to get a bonus. If I were the secretary to one of the top tier people, I would also expect a big fat bonus, which are intended for 7,500 employees as incentive to stay on the job.

 

[WillowTree]

Except that O'Reilly has about as much credibility on the national stage as any other fanatic from the right. If you're a rightie, you love him. If you're a leftie, you laugh at him.

Yes, no credibility. that's why he has been NUMBER ONE for 100 straight months..

Only because the entire right-wing of the country needs its Fox Fix. If you take all the other cable news channels combined, most THINKING people come away with a much broader personal analysis of ANY subject. If I ONLY watched MSNBC, I would most definitely lean toward ONLY liberalism. Get it?

Watch more C-Span in order to truly sort it all out.

yeah I got it sissy! but you have no idea how many librals watch fox too do ya?

 

[Iriemon]

Also, it depends on the time frame. My thesis is that 1938 is the place to start looking for the crisis: GSE's.

So for 70 years these GSEs operated just fine accomplishing their mission without causing any financial meltdown, but after 70 years its their fault that the system crashed in 2008?

I thought you wanted to know the cause of the crisis?

Mostly I want to know how it can be claimed that Frank is responsible for blocking reform legislation when until Jan 2007 he was in a minority position in the House of Representative, which, like the Senate and WH, were controlled by the Republicans.

But my point above goes to how GSEs are the blame for the current crisis when they've been around for 70 years and worked fine.